The purpose of this study is to broaden the discussion on corporate enviromental risk exposure by integrating an oil scarcity factor. This broader approach can be utilized as a means of instigating a discussion on carbon risks beyond output oriented adaption and mitigation strategies. Even though the outcomes might not seem to be relevant for current economic activities, the recent discussion about oil prices affecting the global economy illustrates the future relevance of this topic; it is just a matter of time before risks related to future oil supply and endowment will emerge.